NEW DELHI: Shares of Zee Entertainment surged over 5 per cent in Thursday's trade after the company denied rumours that raised concerns over the audit of its financial statements.
In a filing to BSE, the media firm said that the audit of the stand-alone and cosolidated financial statements for FY19 was in progress by Deloitte Haskins Sells, LLP, and the company has already scheduled the board meeting on May 27.
Besides, the stock also gained after the company told stock exchanges that the stake sale process, undertaken by Essel Group, is at an advanced stage.
The two developments triggered value buying on the stock, which had fallen for five sessions in a row.
By 10 am, shares of Zee Entertainment were ruling 4.94 per cent higher at Rs 349.75 on BSE.
The stock fell 9 per cent lower, the previous day, after Reliance Mutual Fund sold Rs 410 crore worth of shares of the company which its promoters, the Essel Group, had pledged with the asset manager to raise money.
The Subhash Chandra-led had in November last year announced promoter's plans to sell up to 50 per cent stake in the company to a strategic partner.
In response to an ET query seeking comment on market speculation, an Essel group spokesperson on Wednesday said, The stake sale process of Zee Entertainment Enterprises is in steady progress and at an advanced stage.
Any additional details cannot be shared at this stage due to confidentiality agreements.
Essel Group does not comment on any market rumours or speculations.